NYC’s record number of homes for sale might spur price drops

A new StreetEasy report notes that for the first time in the past seven years, there is a record high number of homes available for sale, says StreetEasy, and fewer transactions are taking place than in years past.

Pointing to a surge in inventory on their site, StreetEasy is optimistic that conditions will likely lead to price cuts for units that have been lingering on the market for some time and will cause more sellers to meet the demands of interested buyers. While it’s not clear what caused the surge, there are more homes to choose from of various sizes across multiple neighborhoods and price points, as its result.

Since last June, housing inventory priced between $500,000 and $750,000 rose 39 percent in Manhattan and 32 percent in Brooklyn. Inventory increased in nearly three out of four neighborhoods in Manhattan, Brooklyn, and Queens (89 out of 122 analyzed neighborhoods) and in 47 of those, housing stock had increased by at least 25 percent from last summer. Per StreetEasy, the increase was driven by newly listed homes, not homes that have been listed for extended periods of time.

The report encourages home shoppers to sit tight if they haven’t seen a home that they love just yet. More inventory is expected to hit the market this fall and there will be more room to negotiate lower prices, as well as more sellers willing to make concessions. Read it in its entirety here.

• 5 Things to Know About NYC’s Record Number of Homes for Sale [StreetEasy]